The Internal Revenue Service and the Puerto Rico Department of the Treasury, the Hacienda, on Wednesday announced a new partnership to fight abusive tax avoidance transactions.
The partnership is the latest development in an effort unveiled in September 2003 to enable federal, state and commonwealth tax agencies to join together in ensuring all taxpayers fulfil their obligations under the tax code.
Puerto Rico joins 48 states, the District of Columbia, New York City and the Virgin Islands on the list of tax agencies that have signed partnership agreements with the IRS.
Welcoming the move, IRS Commissioner Mark W. Everson noted: "This is a logical extension of our existing relationship with 48 states, several cities and the Virgin Islands."
The scope of the partnership also includes information-sharing and coordination on issues related to self-employment. Self-employed residents of Puerto Rico pay income tax to the PR Hacienda and also have a requirement to file a Form 1040-PR, Self-Employment Tax Return – Puerto Rico, or a Form 1040-SS, US Self-Employment Tax Return, with the IRS.
According to the IRS, in 2004 it shared leads with partner agencies on more than 35,000 taxpayers engaged in abusive tax avoidance transactions.
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